INSU Acquisition II, the second blank check company formed by Cohen & Company and targeting the insurance industry, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The Philadelphia, PA-based company originally planned to raise $175 million.
The company is led by Chairman Daniel Cohen, the Chairman of Cohen & Company LLC and CEO of the European Business of Cohen & Company Inc. (NYSE: COHN), and CEO John Butler, the Head of US Insurance Debt Strategy and Global ILS Platform for Cohen & Company LLC. The pair serve in the same roles for Insurance Acquisition (INSU), which is up 37% from its March 2019 IPO and recently announced a merger agreement with Shift Technologies.
INSU Acquisition II plans to list on the Nasdaq under the symbol INAQU. Cantor Fitzgerald acted as lead manager on the deal.
